NYT is using the "pro" title rather loosely it seems.Quote:
Originally Posted by Benny Profane
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NYT is using the "pro" title rather loosely it seems.Quote:
Originally Posted by Benny Profane
Quote:
Originally Posted by Benny Profane
He'll rent for 18-24 months then buy another place no problem. God bless America.Quote:
Somehow, even in that horrid market, we sold the home for $531,000. That was in late August 2010. In exchange, the lender released us from both our first and second mortgages.
I hope he gave the buyer a copy of his new book for future reference.Quote:
Originally Posted by ass-to-mouth
He'll buy a new MacMansion with the proceeds from his book and speaking tour.Quote:
Originally Posted by ass-to-mouth
He won't have to. He'll be able to get a mortgage no problem. Save the cash for ATVs and European vacations.Quote:
Originally Posted by Benny Profane
Another gem:
LOL...dood thought he was applying for a job as a security guard.Quote:
Like most financial stories, this one is personal. It starts with me getting into the financial services industry more or less by accident. I answered an ad in 1995 that I thought was for a job related to “security” (as in security guard) but was in fact related to “securities.” That’s how little I knew about the stock market. A few months later I found myself working a phone at a Fidelity Investments call center.
Those who can do. Those who can't become financial advisors.
Read the comments. This article has done a lot of damage to the financial advise industry.
Dax up 3.5%. SP500 above 1250 pivot. Russell 2000 up 3%. Small and mid cap looking good. :fmicon:
Too bad we didn't get back to 1200 SPX for another entry point. :tongue:
Seems like the market wants to go higher but caps out at this level. I'm thinking we need a further drop in the USD to get higher. that may happen if they drop the Euro (unlikely), underpin the Euro with gold (possible) or drop the weak hands in the EU and give them a Euro Lite or let them print their own money.
Italy is one of the worlds largest holders of gold.Quote:
Originally Posted by Moeghoul
Maybe for know it alls like you and me, but for the average joe out there without a damn clue, they still serve a purpose.Quote:
Originally Posted by Benny Profane
My parents guy takes about 1%, and does everything they ask of him, and gives (what I feel) are pretty average returns. However, in their case its a perfect scenario as hes honest and doesnt sugarcoat. Gives advice, but still lets my rents make the calls. Doesnt pressure one way or another.
The problem is youre looking at him as how much does he make on an hourly basis, which is a pointless exercise as that will always lead to worse money management in this field.
Quote:
Originally Posted by 4matic
Yep, most likely tucked away in the NY fed vaults along with Germany and a few others.
Not really. I'm looking at the total cost, which, at 1% over a long period adds up. Besides, what makes him so smart? If he had some inside knowledge, I'd pay him 10%, otherwise, I'll do it myself.Quote:
Originally Posted by AdironRider
heh, like business school professors. If they're so smart about business...
Quote:
Originally Posted by Benny Profane
I suspect there are thousands of Financial planners like this guy out there.
Sold LULU - looking at how NFLX got eviscerated reminded me of what happened when fad stocks are undressed.
Covered GRPN. Not that it matters much but IB has lots of borrows and at quite a bit less than the 100% mentioned in initial news stories.
A tip of the hat to Groupon's first mention in the thread
Quote:
Originally Posted by Hugh Conway
http://www.businessinsider.com/amr-c...ruptcy-2011-11
American Airlines declares bankruptcy. Down 75%. Clearly a Strong Buy opportunity
UAL up 7% and JBLU up 8%.Quote:
Originally Posted by LeeLau
uhhh, not sure if you are serious.....Quote:
Originally Posted by LeeLau
He is. He's also likely right. This bankruptcy will make AA more competitive, should be good for them in the long run.Quote:
Originally Posted by ICEHOCEY77
besides that whole shareholders being completely wiped out thing, might be able to get value on some secured debt but equity? forget about it.Quote:
Originally Posted by Rubicon
No i wasn't serious. Shareholders are zero.
New American common shares will be competitive because they've erased their debt. God only knows why other airline stock are up on this news. Old American shares (ie AMR- soon to AMRQ) are worth precisely zero
There is something deeply fucking wrong with bankruptcy laws in this country.
Long: new american shares
Short: employee pension
Sadly funny but true.Quote:
Originally Posted by JimmyCarter
It used to be a nice game to go long senior debt as its usually secured by hard valuable assets - like aircraft or landing rights. And short the bankruptco's commons. Confused people would invariably buy the bankruptco's common shares not realizing that they were buying expensive abrasive toilet paper. But this trade got crowded a long time ago.
EDIT - if anyone wants to play that dangerous game. AMR (which I will add is bankrupt and is ultimately destined to go to zero) may rise on day 2. 3 4 post bankruptcy. It'll do so on less volume than day 1 of bk - which is today. Smart shortsellers start on day 2 and then go to town on day 3. There's fundamental reasons for this mostly to do with mob psychology but i wont' bore with the details.
PNWbrit - no doubt. Corporate Chapter 11s are a lot cleaner than many individual person's chapter 11s; best examples are student loans which attach to the bankrupt student even post-bankruptcy. Corporate entities have better lobbyists. Students don't have any lobbying power to speak of
QEGlobal. Wall St bloodsuckers win again, and again, and again....
And guess who's going to be paying that pension now? Yup, you, the taxpayer! You wonder why they didn't do this sooner.Quote:
Originally Posted by JimmyCarter
Nope!Quote:
Originally Posted by Benny Profane
A. PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect pension benefits in traditional private-sector pension plans called defined benefit plans. If your plan ends (this is called "plan termination") without sufficient money to pay all benefits, PBGC's insurance program will pay you the benefit provided by your pension plan up to the limits set by law. Our financing comes from insurance premiums paid by companies whose plans we protect, from our investments, from the assets of pension plans that we take over as trustee, and from recoveries from the companies formerly responsible for the plans, but not from taxes. Your plan is insured even if your employer fails to pay the required premiums.
When a defined benifits pension fund is under funded is the company on the nut to make up the difference ?
If they're still operating - yes. If they fold, there's usually extra insurance around it to cover, as well as the PBGC stuff above.Quote:
Originally Posted by XXX-er
Yes, if not in bankruptcy they are supposed to fund the pension out of pocket to maintain solvency. That's the reason that:Quote:
Originally Posted by XXX-er
1. Public pensions are a fraud on taxpayers because there is no risk to the "company" or pensioner. Shortages are funded on the backs of taxpayer.
2. Even with all the uncertainty I far prefer a self directed retirement because I control my own destiny.
how much on the nut, I always wonder how safe my DB pension is in vue of the current world situation ?
I got the letter telling me the pension was only 92% funded so they wanted to take 10 yrs to make it up instead of a mandated 5 yrs, they included a ballot but no stamped envelope and stated that if they didnt hear from a certain % they would just go ahead with that plan... it didnt take much for the retiree's to organize and voted that one down
we were given advice that it is better to fix a problem sooner than later and since its IBM ... they got lots of fucking money to fix it sooner than later
edit ; we were given the choice to go defined contribution or stay with defined benefit, at a certain years-of-service staying DB was clearly the best deal, I seem to remember 18 yrs or so was the number, full DB after 30yrs of service at any age,which means I qualifyed at 48 ... I stayed DB
IBM is safer than most (all) sovereigns. 92% is probably better than 99% of all DBP's. I heard new IBM employees are on 401k? No more DBP?Quote:
Originally Posted by XXX-er
My dad's airline pension is now in the hands of the PBGC and worth several cents on the dollar. He's obviously thrilled.
I am not even entirely sure what a 401K is because I believe that is an American invention and this is IBM Canada I am refering to eh?Quote:
Originally Posted by 4matic
Anybody in Canada who has the DB would have chose it about 18yrs ago, there are only about 7000 people left in the plan and they are dieing off at an ever increasing rate altho its probably not as fast as the good old days when the average IBM'er used to die <3yrs after retirement SO they gave everyone a 12K policy to pay the funeral costs ...cradle to grave
Yeah I thot 92% is pretty damn good and according to my IBM stock bought on payroll deductions we are currently making assloads of money ...its funny how I still say "we"
Im not sure of the details of IBM, but it sounds like they want the beneficiaries of the pension to agree to a 10 year term to lessen the weight of that 8% nut they need to make up. 8% of the pension plan at an IBM is probably a few billion dollars, so instead of taking their company's cash flow/profits and fund the pension over the mandated 5 years, it would do it over 10.Quote:
Originally Posted by XXX-er
Retirees may not give a shit since theyre probably shareholders too, though if the company can afford it its probably better to make everyone happy and explain to shareholders in the short term they need to fund.
92% funded isnt all that bad- the financial crisis in 2008 crushed many plans. What is difficult for companies is that in times where pension asset values decrease (stocks go down), present values of liabilities go up (rates decrease), and the ability of the company to make contributions decreases (tougher economic environment, often lower profits).
Not sure i even stayed on topic. Whatever. Lunchtime
Al - I wouldn't worry too much about IBM. If they go down then we (the world) have bigger problems.
In the last year there were quite a few AMR senior pilot retirements. Apparently they could elect to retire and take lump-sum payments instead of taking the annuity. AMR up ~~ 35% today.
^^ that is pretty much what happened Brock Landers, some retirees thot that IBM saying if they didn't hear from you they would assume it was ok to mess with your pension was weak sauce and sneaky, some people had moved so didn't get a letter or if they got the letter its the mothercorp worrying some old people, as long as I get the money I don't care and yeah most of these Retirees would have collected 100's maybe 1000's of shares on payroll deduction ... the 15% discount from the twice yearly offering price was free money
thanx lee based on your advice I will take a more aggressive position on acquiring more ski gear
pbgc is underfunded.. so either more $ from companies or more $ from taxpayers or reduced pension payouts, or a combination of the three...Quote:
Originally Posted by 4matic